Iman is a 50-year-old man who sells milk and breeds cattle. He has 6 years of experience in this field. Iman`s profit from milk sales is about 200 AZN and 100 AZN from cattle sales. Iman applied for 1,500 AZN in order to purchase more cattle and a milk cow. As milk and meat products are most popular, the demand on them is high, and Iman is not able to cover it anymore. Thus he needs additional finances to purchase more cattle, produce more milk and meat and increase his profit. This will be his 5th loan and he has a good credit history.
Aqroinvest Credit Union was founded in 2001 by a group of 32 farmers from Imishli. It has since grown to become the largest credit union in Azerbaijan, owned by its more than 5,400 borrowers and boasting a portfolio of nearly US$12 million.
AqroInvest is focused on providing loans to the following groups of people: rural farmers, people living in distant southern villages with little or no access to finance and internally displaced people and refugees, many of whom lost their homes and livelihoods during the violent conflicts in the 1990s.
In May 2011, Aqroinvest started a new project with Kiva proving higher education loans to students. The project gives students the support and financing they need to continue their education and helps pay for tuition fees at various universities in Azerbaijan. Aqroinvest is the first credit union in the country to offer students loans.